Bravo Capital closed a $18,642,300 HUD 223(f) loan for Merchant Apartments, an apartment property in Springdale, Ohio, on March 13, 2025. HUD issued the firm commitment on October 4, 2024, with Bravo Capital as the HUD-approved lender.
Deal at a glance
| Property | Merchant Apartments |
|---|---|
| Location | Springdale, Ohio |
| Property type | Multifamily (apartments) |
| Program | HUD 223(f) |
| Loan amount | $18,642,300 |
| Firm commitment | October 4, 2024 |
| Closed | March 13, 2025 |
| Lender | Bravo Capital (HUD MAP and LEAN lender) |
About the HUD 223(f) program
A HUD 223(f) loan is an FHA-insured, fixed-rate, non-recourse mortgage for buying or refinancing an existing apartment property. It runs up to 35 years, fully amortizing, with up to 87% loan-to-value for market-rate properties and 90% for affordable or subsidized properties.
Bravo’s HUD record
Since April 2022, Bravo Capital has received 26 HUD firm commitments, and all 26 have closed, for $526.0 million in closed loans. See every deal on the HUD Closing Scorecard.
Talk to an underwriter HUD 223(f) terms
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
